The German government has rejected the proposal for the acquisition of Commerzbank by Italy's Unicredit, citing an excessively low offer price. "Accepting the offer was economically inconceivable, as the acquisition bid does not include an appropriate premium on the current share price of Commerzbank," the Federal Agency for Financial Institutions announced on Tuesday (June 16, 2026) in Frankfurt. At the same time, the German government, which holds approximately 12% of the shares as the second-largest shareholder of Commerzbank, once again expressed its fundamental opposition to the acquisition of Germany's second-largest private bank by Unicredit.
It announced that it supports Commerzbank's strategy of independence and rejects the "hostile approach" of Unicredit. "Commerzbank AG plays an important role in financing the German economy and German small and medium-sized enterprises. As a significant employer, it is also of central importance for Frankfurt as a financial center. Both these factors must be safeguarded in the future." Unicredit submitted an offer for Commerzbank in May, offering its own shares in exchange. According to the latest data, the Milan-based bank has received offers for approximately 11% of the total shares of Commerzbank.
This would increase Unicredit's stake to approximately 38% on a pro-rata basis. Additionally, it has secured more than 3% of Commerzbank's shares through call options and holds other financial instruments. The offer period runs until this Tuesday, but it is expected to be extended until July 3.
The takeover battle turns into a mudslinging match
The takeover battle between Commerzbank and Unicredit has escalated recently. Unicredit has threatened Commerzbank with the replacement of its supervisory and management boards if it secures sufficient support from shareholders at the annual general meeting. Commerzbank, for its part, views Unicredit's disclosures as a pretext and has involved the financial regulator Bafin.
It criticizes the fact that the offered shares come primarily from banks with which Unicredit conducts transactions through financial instruments, and not from independent shareholders. For these shareholders, Unicredit's offer—which is lower than Commerzbank's current share price—would be a loss-making proposition. Unicredit has repeatedly rejected this criticism.
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